Cayman Islands Business setup

Cayman is booming in business, after the passing of the companies’ bill in 2019,  Cayman’s tax regime stay ‘not harmful’ to other countries. With a well-structured common law system and proliferation of world-class corporate service companies, nowadays, many companies look forward to incorporate their companies in Cayman.

In order to enhance business development, Cayman’s government moved into securing the country’s copyright laws in 2016. This law ensures protection of the patents and rights of companies or individuals involved in the firm.

Now, Cayman is ready to take up any diverse business right from film, finance, to tech development. The improvised law provides more confidence to foreign clients.

What are the legal requirements for business setup in Cayman?

The business in Cayman can be a sole trader operation, partnership, or even a limited company. Further, a foreign company can also register their branch in the Cayman Islands in order to operate locally.
  • Sole trading companies – Due to the immigration requirements, Caymanian can operate a sole trading company in the domestic market. He or she will be able to operate the business without any formalities by simply offering goods or services in return for payment. They can employ people but they personally take the liabilities of the business
  • Partnership – In the case of a partnership, general partners can participate in the business management. Here, they have restrictions on sharing profits or withdrawing capital as agreed by the partners. In a limited partnership, in this structure too, the partners are restricted from business and profit management.
  • LLC or companies – foreign businesses, who doesn’t want to establish their business in Cayman, can start their branch operation in Cayman. The branch registration process is quite simple and it requires the presence of a local registered agent in the island. They should pay the annual fees to Cayman Islands in order to maintain its registration.
  • Foundation companies – the Cayman Island Government supports its thriving business community through several laws and legislations. In 2017, the government enacted legislation for the formation of foundation companies. Foundation companies have no shareholders unlike a traditional firm.
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What are the benefits of business setup in the Cayman Islands?

  • No physical presence is required, operate from anywhere.
  • Free from direct taxation, property tax, and capital gains tax
  • Stable and safe political system
  • Secure business setup and quick registration process
  • Financial assistance for business setup
  • Business-friendly environment with flexible exchange control, best communication system, up-to-date infrastructure, and more.
  • Accessible location with qualified human resources

How to incorporate your company in the Cayman Islands?

Guide to incorporation

  • Initially, consult with a dedicated business setup team proficient in handling company incorporation in the Cayman Islands. Then, choose your business type to proceed
  • Choose a company name for your business
  • Get the assistance of a team to draft documents according to your requirements and governance requirements.
  • Now, confirm the identities of shareholders, the currency of share capital, number of values to be shared and more.
  • Appoint a director for your company. The Cayman Islands permit corporate directors. However, all the directors must sign a consent form to act as a director of the company.
  • Include the registered address in the incorporation plan
  • Now, get detailed plans mapping the incorporation process right from the 1st day until completion. This includes the business registration process, documents required, tax allowance, client expectation and finally, effective execution steps.
Incorporation procedure
  • After getting all the documents, file up and submit these documents with the company’s registry.
  • After submitting your documents get approval within four days. Also, get a certificate of incorporation.
After registration
  • After getting your company registered, open a corporate bank account either within the island or internationally.
  • You can also apply for the tax exemption certificate at this stage. The island cabinet office issues this tax exemption certificate and it takes around 3 weeks to issue the certificate.

Why choose us for business setup in the Cayman Islands?

Cayman Island is a booming business destination that perfectly fits your plan and requirements on company formation. If you’re looking for a business setup in the Cayman Islands, it offers some amazing packages and innovative facilities for entrepreneurs. However, entrepreneurs need expert assistance to set up their business on this Island. SetUpACompany.ae offers one of the best business setup services on the Cayman Island.
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